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Why Certificates of Insurance...Just Why?
Length: 2 Hours
Without using hyperbole, thousands of certificates of insurance (COIs) are issued every day; and, again without hyperbole, most of them are issued improperly. In fact, your agency may have issued an improper certificate as recently as this morning.
What is it about COIs that can get an agency in trouble? If there were just one or two things, it would make your job a whole lot easier, but in reality, there are about 27 different ways a COI can get you in trouble. OK, so 27 isn't an exact number, but you get the idea. A "simple" COI is a potentially dangerous weapon that can be used against your agency.
Learning Objectives- Learn what is the problem with issuing a COI with no holder.
- Learn should the COI include all the requested Additional Insureds.
- Discuss who should produce the COI.
- Learn what wording should NEVER be used on a COI.
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.
During his career, Boggs has authored more than 300 insurance and risk management-related articles on a wide range of topics as diverse as Credit Default Swaps, the MCS-90, and enterprise risk management. In addition to this, Boggs has written 13 insurance and risk management books:
- "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," now in its second edition;
- "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," now in its third edition;
- "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
- "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
- "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"
- "Workers' Compensation: How You Can Effectively Answer Your Clients 12 Most Commonly Asked Questions;"
- "Glossary of Insurance Terms;"
- "Choosing the Best Risk Financing Option;"
- "Writing Property and Liability Coverage for Condos;"
- "The Truth about Enterprise Risk Management;"
- "The Experience Mod Worksheet;"
- "What has ISO Done to us Now?" and
- "Cancellations, Non-Renewals & Conditional Renewals: THE Insurance Professional's Guide to Statutory Insurance Carrier Notification Requirements for All 50 States!"
Boggs is a regular speaker at industry events, speaking for groups such as the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), and the CPCU Society.
A graduate of Liberty University with a bachelor's degree in Journalism, Boggs' background includes work as a risk management consultant, loss control representative, producer, claims manager, and quality assurance specialist
